FIRST STEP IN LABOUR’S FIVE-POINT PLAN WOULD CREATE 10,000 EAST MIDLANDS JOBS

ALMOST ten thousand construction jobs could be created in the East Midlands if the Government agrees to Labour plans to use a £3-4bn windfall to kickstart house building.

The National Housing Federation estimates that another 40,000 jobs would be created in the supply chain and around 6,500 new homes would be built in the region under the plans.

Labour is calling on the Tory-led Government to use the cash - expected to be generated from the forthcoming auction of the 4G mobile phone spectrum - to lift Britain out of its housing crisis.

Our economy is struggling and unemployment is at unnecessarily high levels. In one fell swoop the Government could take huge strides towards rectifying both of these problems by taking this step.

The funds raised from the 4G auction should be used to put something back into the economy. Much needed affordable homes would be created, first-time buyers would find it easier to get on the property ladder and thousands of new jobs and apprenticeships would be created.

The proposal is part of Labour’s five point plan for jobs and growth – which includes a temporary VAT cut and bringing forward infrastructure investment.

It is in addition to the 25,000 homes for social rent Labour has already said should be funded by part of the funds raised from a tax on bank bonuses.